Guotai Haitong Securities Co., Ltd.

¥16.46As of Sun 8 Nov 2026, 12:00 UTC

SSE:601211Financials

Country China

PE (Fwd) •••

TSR 10Y CAGR 2.20%

Div yield 3.04%

ROE 8.78%

Capital Markets

Beta (5Y) 0.18

PE TTM 9.627

TSR TTM (11.83%)

Mkt cap ¥269.2B

ROIC 2.17%

SE Grade™

—

Value

Quality

Moat

Consensus

Reference

¥17

3.35%

(37.75%)

Hold 11|10|10|8|3

TTM

FYE 31 Dec CNY

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

3.989

Revenue¥B

17.82

19.54

21.15

23.27

25.64

28.22

30.80

33.99

37.49

41.36

4.318

10.04%

9.57%

25.47

Revenue growth%

0.40

2.40

3.25

4.28

7.26

5.67

3.76

0.91

1.28

0.40

12.66

1.28

2.83

29.01

Gross margin%

32.68

29.70

26.76

27.86

26.91

25.12

24.82

22.23

24.17

26.27

28.91

24.82

26.51

8.87

Operating margin%

34.00

31.64

33.16

33.48

31.43

29.21

30.05

27.54

28.74

28.44

14.25

28.74

30.74

27.20

Net margin%

16.22

17.76

15.07

15.70

14.28

15.70

17.20

15.12

12.53

9.90

22.11

15.12

15.41

19.48

P/E ratio (avg)x

27.88

27.61

30.61

31.63

34.05

37.88

42.17

42.75

41.27

47.54

17.25

42.17

35.97

7.024

EV/EBITx

40.28

40.77

42.45

46.49

52.37

61.11

65.23

70.73

84.40

100.3

29.27

70.73

56.74

26.41

FCF yield (avg)%

2.66

0.87

0.40

1.06

3.76

2.18

3.17

0.43

0.92

0.40

18.32

0.92

0.99

12.72

FCF margin%

11.04

8.41

9.75

12.48

13.43

12.09

15.04

17.32

19.28

18.52

20.42

17.32

12.95

1.473

FCF / Net incomex

0.209

0.229

0.203

0.198

0.199

0.174

0.160

0.147

0.128

0.132

0.743

0.147

0.186

16.65

ROIC%

2.22

1.45

2.17

1.43

3.21

3.96

6.65

6.20

8.01

5.69

4.72

6.20

3.58

24.26

Return on equity%

22.60

22.01

19.19

21.57

24.41

24.23

24.32

26.01

24.03

23.56

2.57

24.23

23.80

29.84

Return on assets%

10.73

9.25

8.69

6.61

4.82

4.59

3.81

4.34

3.89

5.12

3.59

4.34

4.97

0.48

EPS¥

2.17

2.48

3.00

2.92

3.08

3.25

3.41

3.90

3.84

0.50

4.48%

7.72%

—

18.40

EPS growth%

25.26

24.24

25.19

23.04

25.83

23.28

21.14

23.49

26.30

28.44

21.07

23.49

24.71

0.87

Bookvalue per sh¥

2.15

2.34

2.10

2.33

2.61

2.44

2.29

2.15

2.36

0.67

(1.97%)

0.37%

—

0.61

FCF per share¥

1.23

1.36

1.28

1.40

1.51

1.48

1.46

1.48

1.47

1.34

0.46

(2.30%)

1.08%

—

0.86

Dividend per sh¥

3.24

3.17

3.54

3.86

4.65

5.02

5.05

5.84

6.66

6.69

0.68

7.54%

8.71%

—

28.51

Div yield (avg)%

8.96

11.28

12.38

12.54

13.10

11.84

11.60

9.74

11.92

8.93

25.20

11.60

11.72

15.51

Payout ratio%

18.21

21.10

19.09

17.91

15.85

14.96

13.31

14.97

12.62

10.61

26.41

13.31

15.41

16.45

Shares (diluted)B

15.95

16.48

14.26

14.53

13.08

12.34

11.14

11.47

12.17

16.75

(1.43%)

(1.81%)

22.30

Buyback yield%

2.49

4.21

5.90

7.79

7.38

5.59

3.58

1.44

0.40

2.49

12.12

2.49

3.90

0.837

D/E ratiox

0.981

1.042

1.078

1.223

1.452

1.620

1.886

1.959

1.960

2.334

0.781

1.959

1.536

33.27

Enterprise value¥B

33.30

37.28

41.58

40.22

41.97

44.86

42.38

48.90

53.55

62.48

37.01

8.28%

5.93%

7.662

LT debt¥B

33.20

31.39

31.44

28.38

28.15

30.33

32.57

31.43

32.05

32.75

24.25

3.07%

(0.38%)

Peers (US$40.35B)

Cap (US$)

CITIC Securities…

56.32B

10.47x

East Money Information…

44.54B

19.94x

China International…

29.74B

4.646x

Interactive Brokers…

34.35B

28.95x

Capital

TTM

10Y

Leveragex

6.559

0.211

0.167

EBIT/Intx

1.171

0.252

0.234

Own earn%

(242.74)

149.22

168.70

Sh yield%

50.82

12.32

15.33

Owners

Insiders/Inst%

6.64

52.80

Short interest%

4.43

SBC / revenue%

3.97

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

28–34

$1 testx

—

Incr. ROIC%

Guotai Haitong Securities Co., Ltd. provides wealth management, investment banking, institutional and trading, and investment management services in Mainland China, Hong Kong, and internationally.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

¥41.36B

9.57%

1.00×

Cost of revenue

¥26.72B

9.46%

0.99×

Operating expenses

¥9.456B

9.50%

0.99×